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Daily Base Metals Report

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Equity markets remain supported despite the U.K. and New York having their highest amount of deaths yet. After yesterday’s stellar performance, equity futures continued to gain ground this morning. When the U.S. markets opened, this momentum was maintained, and the DOW and S&P 500 have gained 3.10% and 2.12% respectively, at the time of writing. Unsurprisingly, small business optimism in the U.S. declined to 96.5 from 104.5 the month prior. No coronavirus deaths in China has buoyed market sentiment on the LME as demand from China improved. Copper prices gained $161 to close at $5,040/t, cash to 3s weakened to -$21.25/t. Lead was the next big mover, up $55 to close at $1,736.5/t, the spreads were moderately firmer but remained in contango. Zinc and nickel were also bid today closing above key resistance levels, at $,1,924/t and $11,471/t respectively.

Gold pared some of yesterday’s gains, trading at $1,656/oz at the time of writing. Oil has weakened this afternoon as DOE stocks showed another w/w inventory build, WTI and Brent trade at $26.29/bl and $33.17/bl respectively.


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